The Outer Continental Shelf and Why It Matters

by Tom Andrews, CPA The Yachting Industry has long remained under the radar with regards to the Internal Revenue Service. While most industries have manuals and guide books that help navigate them through some of the more complicated aspects of their respective...

Communicating With the Yacht Payroll Manager

by Tom Andrews, CPA As we enter the final few months of 2013 yacht crewmembers will be busy attending to the normal year end activities that make the yachting profession a never ending whirlwind, between the upcoming boat shows, holiday charters, and family...

Social Security and Yacht Crew

by Tom Andrews, CPA Social Security tax is a tax that is assessed on your earnings/labor, this tax is withheld by your employer and remitted to the IRS. The difference between Social Security tax and federal income tax is that Social Security/Medicare tax is used to...

Form 8233 Facts and Myths

by Tom Andrews, CPA Any nonresident crewmember that has worked on a foreign flagged vessel has probably been asked to sign form 8233 “Exemption Form Withholding on Compensation for Personal Services of a Nonresident Alien”.   By signing this form the vessel/employer...

Updating your W-4

by Tom Andrews, CPA As the payroll processes in the yachting industry becomes more formalized the number of crew being treated as statutory employees has increased dramatically over the past ten years. As a result crewmembers are no having taxes withheld from their...

Virtual Currencies

by Tom Andrews, CPA I often find that yacht crewmembers are early adopters of technology, for example I remember yacht crew using mp3 players, phone texting, online banking, and skype before it was main stream. I suspect this has a lot to do with nature of the...